HMRC has collected £37bn from brand-new taxes that it has introduced over the last decade, according to UHY Hacker Young.
The eight new taxes and levies on business cost £7.6bn in 2018/19, up from £7.4bn the previous year, but UHY Hacker Young warned that the success of these new taxes could lead to more.
Clive Gawthorpe, partner at UHY Hacker Young, said:
“Adding new taxes and placing a heavier burden on businesses does not seem to fit in with the Government’s aims to simplify tax.
These new taxes have already brought in billions of pounds in a relatively short space of time. If we want tax simplification shouldn’t we be reducing the number of taxes?
Each new tax adds more and more of a burden on businesses. Given the economic uncertainty perhaps the Government should be holding off on plans for new taxes.”
Tax does have to be taxing.
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